WTI Light Sweet Crude Oil, 5/12/23
For Friday, both 73.71 and 69.97 can firmly contain intraday activity, beyond which the next notable level is expected intraday.
Upside, pushing/opening above 73.71 signals 74.40, able to contain buying through next week, and once tested, 68.77 attainable within a full week of activity, possibly allowing 62.14 within 3 - 5 weeks.
On the other hand, a settlement today above 74.40 indicates 83.04 within 2 - 3 weeks, the start of a range of meaningful long-term resistance up to 85.16 able to contain buying into later summer.
Downside Friday, breaking/opening below 69.97 signals 68.77, able to contain selling into later next week and the level to settle below for allowing 62.14 by the end of May.
Upside, pushing/opening above 73.71 signals 74.40, able to contain buying through next week, and once tested, 68.77 attainable within a full week of activity, possibly allowing 62.14 within 3 - 5 weeks.
On the other hand, a settlement today above 74.40 indicates 83.04 within 2 - 3 weeks, the start of a range of meaningful long-term resistance up to 85.16 able to contain buying into later summer.
Downside Friday, breaking/opening below 69.97 signals 68.77, able to contain selling into later next week and the level to settle below for allowing 62.14 by the end of May.
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